Report Trade and Globalization. The Trans-Pacific Partnership TPP agreement between the United States and 11 other Pacific Rim countries lacks an absolutely key component to keep it from doing potential damage to the U.

Currency manipulation is one of the key driving forces behind the high and rapidly rising U. Inthe U. Without such provisions against currency manipulation, the TPP could well follow other trade agreements and leave even greater U.

Currency manipulation occurs when a country artificially depresses the value of its currency. Currency manipulation acts like a subsidy to the exports of the manipulating country, and a tax on U. In this way, currency manipulation increases U.

As past EPI research has shown, currency-manipulation-fueled trade deficits have reduced U. Many members of the proposed TPP, including Malaysia, Singapore, and Japan, are known currency manipulators.

Others, namely Vietnam, appear to be following the lead of currency manipulators by, for example, acquiring excess foreign exchange reserves to depress the value of their currency. Currency manipulation explains a substantial share of the large, persistent U. These stark figures highlight how much damage the U. Prior to NAFTA, the United States sustained balanced trade with Mexico Scott As a result, the TPP trade and investment deal is likely to be significantly more costly to the U.

In this context the United States should insist that currency manipulation be directly addressed in the core of the TPP agreement. Member governments of the TPP should also agree to rebalance trade and currency markets, including by divesting excess foreign assets in their portfolios, before any trade and investment agreement takes effect. They should also forswear the use of currency manipulation in the future, and submit to strong, binding currency disciplines in the event these commitments are violated.

A considerable body of trade policy research has established connections between currency manipulation, trade deficits, job losses, and wages. These connections are heightened in an era of incomplete recovery from the Great Recession. This section provides a broad overview of the connections and introduces proposed new approaches for intervening when currency management unfairly threatens U.

The nominal exchange rate is simply the rate at which one currency can be exchanged for another. Exchange rates are used to calculate the value of foreign goods, services, and assets in terms of U. Thus, consumers and businesses in the United States use exchange rates to compute the cost of Japanese and Korean cars in terms of U. In the same way, consumers and businesses in Japan and South Korea use exchange rates to calculate the cost of U. Exchange rates are determined by the relative supply and demand for currencies in foreign exchange FX markets.

The current constellation of trade imbalances is primarily the result of governments that use intentional policies, especially official purchases of foreign assets public financial flowsto influence exchange rates Gagnon This is the basic tool of currency manipulators. They purchase foreign assets such as U. Therefore, changes in the exchange rate can have a large impact on the level of imports and exports, and on the trade balance.

Over time, devaluation will increase the level of exports and reduce the level of imports. More on how currency manipulation affects employment levels can be found in Scott c.

In turn, the levels of exports and imports have an effect on employment.

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The net employment effect of trade depends on the changes in the trade balance. An improving trade balance will, all else equal, support job creation, while growing trade deficits will result in growing net U. For example EPI research has shown that growing U. Direct trade, job, and wage losses are just the tip of the iceberg when it comes to the cost of trade deficits, and globalization more broadly, for American workers.

Using standard models to benchmark the cost of globalization for American workers without a college degree, Bivens estimated that intrade with low-wage countries lowered wages by 5. These losses were experienced by all American workers without a college degree, who make up about two-thirds of the labor force or roughly million U. The United States has run chronic trade deficits for well over a decade. Sincethese deficits have been overwhelmingly driven by the conscious policy choices made by several of our major trading partners to manage the value of their currency for competitive advantage in U.

Gagnon ; Bayoumi, Gagnon, and Saborowski ; Bergsten and Gagnon ; Krugman ; Scott c. They buy dollar-denominated assets to boost the value of the dollar and depress the value of their own currencies.

Several of this group—including Malaysia, Singapore, and Japan—are currently members of the TPP and several others—including South Korea, Taiwan, and China—have expressed interest in joining.

In addition, Vietnam, which is part of the proposed TPP, has been accumulating foreign-exchange reserves over the past decade. Vietnam has seen its current account surplus, the broadest measure of its trade surplus with the world, rise to an estimated 4. As Bivens notes, the threat posed by allowing currency manipulation to go unchecked is heightened in the current context of a U. Despite efforts by the Federal Reserve to bring the economy back to full employment, the U.

Worse yet, there is widespread evidence that the shortfall in demand that has delayed a full recovery from the Great Recession could last for years to come Bivens citing Krugman ; Summers Economic history shows that such prolonged downturns are quite possible in advanced economies: Japan has been stuck below potential output for decades, and Western Europe is experiencing a double-dip recession because it failed to adequately boost aggregate demand.

In the United States, fiscal policy has been notably contractionary sinceand the Fed has just raised short-term interest rates for the first time in more than a decade.

For these reasons, more sensible exchange rate policies are needed now more than ever. Given that the economy is not at full employment and that there is no automatic mechanism that can return it there quickly due to our fiscal and monetary choices, trade flows can have a powerful influence on aggregate demand. Thus, ending the currency manipulation that has thrown U. Several policy alternatives for ending currency manipulation have already been proposed in Congress, including the Ryan-Murphy Currency Reform and Fair Trade Act H.

Inthe House of Representatives approved the Ryan-Murphy act, but the Senate failed to pass a complementary measure S. Inthe Senate was successful in passing the Currency Exchange Rate Oversight Reform Act S.

Together, these bills would address currency manipulation by imposing tariffs on countries with undervalued currency. Similar legislation was introduced in both houses of Congress inincluding the Currency Reform and Fair Trade Act H.

Both bills have gained considerable bipartisan support in both houses of Congress and would produce the economic and political pressure needed to hold currency manipulators accountable. In addition to legislative action, taxing or offsetting the acquisition of foreign assets and foreign exchange by currency manipulators is an effective policy tool for stopping currency manipulation. Treasury bonds and other U. Finally, trade agreements such as the TPP have the capacity to address currency manipulation by setting important precedents for international trade and financial regulations.

Bipartisan majorities in both houses of Congress recognized the opportunity to make progress on currency manipulation through the Trans-Pacific Partnership. In Junemore than half of the U. By not pushing to include penalties against currency manipulators in the core of the agreement, the United States has missed an opportunity to establish fair trade standards, protect American workers, and address the high and rapidly growing trade deficit.

In addition to including high standards designed to prohibit currency manipulation by TPP member countries in the future, more should have been done to eliminate existing currency manipulation as a precondition for membership, as noted by Scott They should also have forsworn the use of currency manipulation in the future, while also agreeing to submit to strong, binding currency disciplines in the event that these commitments are violated. To quantify that missed opportunity, this report adds to the research on the costs of currency manipulation.

Building on this research, Scott c found that eliminating currency manipulation could create between 1. What role could rewriting the terms of the TPP to end currency manipulation by TPP members play? Also, there are significant risks that currency manipulation by China and other TPP neighbors would increase pressure on many of the TPP countries to either initiate or increase the degree to which they engage in currency manipulation, and thereby nullify the benefits of the TPP to the United States.

Artificial reductions in the values of the currencies of our TPP trading partners would increase U. Currency manipulation is the most important cause of the large and growing U. Coupled with the fact that the United States is the largest and most reliable trading partner for many of the TPP countries, this is a recipe for U. But for the subsidies provided by currency manipulation, Japanese automakers, for example, would have found it difficult or impossible to achieve their dominance in wide segments of the U.

And currency manipulation has made it difficult or impossible for U.

As shown in Table 1the U. Using a simple macroeconomic model developed by Bivenswe estimate the effects of this trade deficit on U. GDP and employment, including respending effects. The approach is also based, in part, on the models developed in Scott b.

The macroeconomic model estimates the amount of labor i. Within that model, we use an input-output IO model to determine the distribution of jobs supported by exports and the jobs eliminated by imports in the U. See the appendix methodology section below for further details on the model structure and data sources used in this study. This paper assumes that currency manipulation is the primary cause of the U.

The GDP effect of the trade deficit is estimated by multiplying the trade deficit by 1. Census BureauU. International Trade Commission USITCBureau of Labor Statistics BLS a and band BLS Employment Projections program BLS-EP a, b, and For a more detailed explanation of data sources and computations, see the appendix.

Jobs eliminated by the U. Tables 3 through 8 are available at the end of this report. Using data on U.

GDP and the total number of jobs lost. This analysis includes both the direct effect of the trade deficit on U. The trade deficit between the United States and the 11 other TPP member countries in directly eliminatedjobs. In addition to the direct jobs lost, the U.

Finally, wages lost because of direct and indirect job cuts from the trade deficits with the TPP member countries would have supported an additionalrespending jobs. The direct, indirect, and respending jobs displaced by the U. Census Bureau sector plan U. Our analysis compares jobs lost or gained with employment data as a baseline to estimate jobs lost or gained as a share of industry employment U.

The United States had trade surpluses with the TPP countries in some industries and deficits in most others.

Thus, the United States has become a specialist in the production of basic chemical products and refined petroleum products that are used in other countries to make final products for example, toys and tires that are then re-exported back to the United States.

The surplus in textiles reflects, in part, the NAFTA rules of origin, which favor fabric that originates within North America in NAFTA apparel trade. Rules of origin have been substantially weakened in many sectors in the TPP, and it is unclear if the United States will retain its net trade advantage in textile products if the TPP is approved and implemented. By far the vast majority of the U. Large trade deficits in these sectors explain a large share of the jobs lost due to trade with the TPP countries, as shown in Table 4.

It is important to note that durable goods industries such as motor vehicles, computer and electronic parts including communications, audio, and video equipmentand primary metals industries including australian binary options trader 777 steel and steel products provide large numbers call of duty 4 gamepad options good jobs with high wages and excellent benefits, especially for workers without a college education.

These are the sectors that have been hardest hit by the TPP trade deficit, as shown below. Within manufacturing, the largest losses occurred in motor vehicles and parts, which lostjobs Other manufacturing industries with large losses include appareljobs, 9 percent and computer and electronic partsjobs, 8.

Trade with TPP member countries did contribute to employment in a few manufacturing industries including work from home home office deductionjobs created ; machinery 66, jobs ; fabricated metal products 55, jobs ; plastics and rubber products 40, jobs ; printed matter and related products oracle ebs data conversion strategy, jobs ; and petroleum and coal products 20, jobs.

In the case of petroleum and coal products, chemicals, plastics, and rubber, while high-wage jobs were created in these industries, the products derived from petroleum and natural gas are also associated with cupcakes and cashmere makeup generation of large amounts of toxic byproducts which have resulted in increased air and water pollution that is most concentrated at domestic production sites.

Over the last 10 years, the United States has, in effect, imported pollution and exported chemical products for the production of manufactured goods in other countries. These developments are a byproduct of the rapid development forex based hedge funds oil and gas fracking in the United States, which has dramatically increased the supply and reduced the prices of natural gas and related petroleum byproducts.

These jobs losses reflect the combined effects of both indirect jobs loss and respending effects, which reduced the demand for services. Estimates of job losses by industry form the global stock market ppt for the estimates of the make money shop jobs coventry losses and gains by best way to get money in mabinogi and congressional district.

Estimates of employment by state and congressional district for each of the 45 unique industries in the model were obtained from the U. These were used to estimate employment shares by state and congressional district for each industry. These shares were used to estimate total jobs lost or gained per district, with employment used as the baseline for estimating jobs lost as a share of total state or district employment.

Thus, states and congressional districts that have high shares of employment in industries with a large exposure to trade with the TPP member countries such as motor vehicles and equipment, apparel, or computer and electric parts were the biggest losers from the trade deficit between the United States and TPP member countries in Jobs lost by state, ranked by jobs lost as a share of total state employment, are reported in Table 5a.

Table 5b ranks the states by net jobs displaced and Table 5c lists them alphabetically. Michigan lost the most jobs as a share of total state employment, withjobs lost 5. Seven of the 10 states with the highest job loss shares are in the Midwest or Southeast census regions, all states where manufacturing predominates. After Michigan they include Indianajobs or 3. Rounding out the top 10 states losing the amibroker stock quote downloader shares of jobs were Wyoming 6, jobs, 2.

The distribution of job losses in the 50 states and the District of Columbia is shown in the map in Figure A. In the online version of this report, the map is clickable, and contains additional data on job losses due to the U. This study also estimates trade-related employment changes by congressional district for the th Congress elected inusing congressional district boundaries from the Census.

The distribution of job losses in the congressional districts and in the District of Columbia is shown in the map in Figure B. Figure B Net U. Our analysis compares jobs lost with employment data as a baseline to estimate job losses as a share of district employment. The data show that the U. The 20 congressional districts with the largest shares of jobs lost are shown in Table 6. Each of the top 20 districts lost between 11, and 26, jobs. Job losses as a share of district employment among the top 20 U.

Of the states with top 20 job-losing districts, the hardest-hit state was Michigan with 10 districts in the top 20, followed by Indiana five districts ; California two districts ; and Ohio, Alabama, and Tennessee one district each. Complete lists of jobs lost or gained by congressional district for all congressional districts and for the District of Columbia are included in Table 7.

The table provides biotech stocks buy or sell jobs affected and jobs affected as a share currency exchange in gary indiana gold market rate today in bangalore district employment.

The only two congressional districts that experienced net job gains as a result of trade with the 11 other TPP member countries are the 14th Congressional District in Texas jobs gained and the 4th Congressional District in Kansas jobs gained. Many researchers have raised concerns over the negative impacts of the Trans-Pacific Partnership. This paper does not include an exhaustive review but cites as an example Capaldo, Izurieta, and Sundaramwho noted that studies claiming that the TPP would have a positive impact on the U.

In fact, after incorporating more realistic assumptions into their model, Capaldo, Izurieta, and Sundaram estimate that the TPP would reduce economic growth in the United States by 0. These job losses are the product of changes in td ameritrade etf short term trading fee structure of trade, with the United States producing more capital-intensive goods and fewer labor-intensive goods.

Thus, the estimate ofjobs lost is a lower bound on likely outcomes. In reality, the TPP would likely result in growing trade deficits and job losses for the United States for the reasons shown here. This would increase the downward pressure on wages in binary options financial betting United States as more good jobs in manufacturing are destroyed.

The failure to include provisions to stop currency manipulation alone casts the Trans-Pacific Partnership as a fatally flawed trade and investment deal. Even if the trade balance with the TPP remains stable, as assumed by the most optimistic proponents of the agreement, growing imports of labor-intensive products would over the next decade eliminate more thanU. GDP by an additional one-half percent, and lead to growing income inequality in the United States and other members of the proposed agreement.

Under a more likely scenario, the TPP would do that and more—fueling increased outsourcing, growing trade deficits, and even greater downward pressure on the incomes of working Americans. Currency manipulation is the most important cause of large and growing U.

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But the president refused to even discuss those issues in the TPP negotiations. Currency manipulation by members of the TPP and by neighboring countries such as China, South Korea, and Taiwan who all may soon be invited to join the deal would likely nullify any benefits the U.

Congress should reject this agreement. The president can and should have done better for American workers, communities, and domestic businesses based in the United States.

He joined EPI as an international economist in Before that, he was an assistant professor with the College of Business and Management of the University of Maryland at College Park. His areas of research include international economics and trade agreements and their impacts on working people in the United States and other countries, the economic impacts of foreign investment, and the macroeconomic effects of trade and capital flows.

He has a Ph. Elizabeth Glass stock market agere a trade and manufacturing policy research assistant at the Economic Policy Institute. She provides research support on a variety of trade-related issues including currency manipulation, industrial policy, and employment.

Prior to joining EPI inshe worked with a number of international development organizations on international education policy and economic development research. She holds an M. This analysis uses a simple macroeconomic model developed by Bivens to estimate the effects of the U. GDP and employment, including respending effects based, in part, on the models developed in Scott b.

It then uses an input-output model based on Bureau of Labor Statistics BLS data to allocate jobs displaced by the U. This appendix identifies the specific data sources and comparisons used.

The effect of the U. The share of prime-age adults age 25—54 remains barely above the level at the official end of the recession inand well below the peaks of the last two business cycles. In this economic environment, changes in spending for domestic goods have large multiplier effects on the section 83 b election for stock options. Bivens estimates that in the current economic environment, increases in infrastructure spending have a large, macroeconomic multiplier impact on the domestic economy through the wages earned and spent by workers employed by such spending.

According to Bivens, that infrastructure spending is associated with a multiplier effect of 1. This paper assumes that changes in trade flows also have a multiplier effect of 1.

The overall number of boss trading system for binary options auto eliminated by this reduction in output GDP is estimated from a simple rule of thumb also developed by BivensTable 5 at 21based on historical relationships between output and employment in which each 1 percent increase in GDP supported would increase total employment by 0.

Likewise, an identical reduction in GDP rules and regulations of stock exchange in india eliminate the same number of jobs in the U.

This study examines the impacts of total trade in goods with the 11 other TPP countries that is, total exports and how to trade in stock market for beginners imports. The trade deficit and job loss estimates would be even larger if we had separated exports produced domestically from foreign exports—which are goods produced in other countries, exported to the United States, and then reexported from the United States, as we have done in earlier studies of trade and employment.

New data collection efforts by the Customs Bureau and U. Census Bureau may be required to specifically identify the import sources by country of U. Further research is required on the origin of foreign exports to more accurately assess the impacts of trade on domestic product and domestic exports only.

We examine trade in total exports and general imports in order to develop the most conservative estimates of the U.

This section describes the IO model that is used to allocates jobs lost due to trade to individual industries, and the census data which are then used to allocated those losses to states and Congressional districts. The trade and employment analyses by industry in this report are based on a detailed, industry-based study of the relationships between forex autopilot robot software in trade flows and employment for each how to make money dumpster diving approximately individual industries of the U.

For the state and congressional district analysis, these are specially grouped into 45 custom sectors using the North American Industry Classification System NAICS with data obtained from the U. Trade data for this analysis were obtained from the U. International Trade Commission USITC So, in the auto industry for example, the indirect impacts include jobs in auto parts, steel, and rubber, as well as service industries that provide inputs to the motor vehicle manufacturing companies, such as accounting, finance, and computer programming.

This model estimates the labor content of trade using empirical estimates of labor content and goods flows between U. Department of Commerce and the BLS—EP.

It is not a statistical survey of actual jobs gained or lost in individual companies, or the opening or closing of particular production facilities Bronfenbrenner and Luce is one of the few studies based on news reports of individual plant closings.

Nominal trade data used in this analysis were converted to constant dollars using industry-specific deflators see next section for further details. This was necessary because the labor requirements table was estimated using price levels in that year.

Data on real trade flows were converted to constant dollars using industry-specific price deflators from the BLS—EP b. These price deflators were updated using Bureau of Labor Statistics producer price indexes industry and commodity data; BLS b.

Use of constant dollars was required for consistency with the other BLS models used in this study. The IO model is used to estimate the distribution of jobs displaced by trade, and by the loss of wages and respending, as explained below.

International Trade Commission DataWeb USITC in four-digit, three-digit, and two-digit NAICS formats. Consumption imports and domestic exports are downloaded for each year. To conform to the BLS Employment Requirements tables BLS—EP atrade data must be converted into the BLS industry classifications system. For NAICS-based data, there are BLS industries. The data are then mapped from NAICS industries onto their respective BLS sectors.

The trade data, which are in current dollars, are deflated into real dollars using published price deflators from the BLS—EP b and the Bureau of Labor Statistics b.

These data were used to estimate total employment supported by PCE expenditures using the job-equivalents analysis described below. The results were used to estimate the share of respending jobs supported in each of BLS industries. Real domestic employment requirements tables are downloaded from the BLS—EP a. BLS trade data are compiled into matrices.

To estimate the vector of jobs displaced by trade, perform the following matrix operations:. This matrix is used to create vectors of net jobs displaced by imports from and jobs supported by exports to the TPP countries, as described above. The total number of direct and indirect jobs displaced by trade is estimated using the macroeconomic model described above.

The employment estimates for retail trade, wholesale trade, and advertising were set to zero for this analysis. To estimate the distribution of jobs supported by respending, perform the following matrix operations:.

Direct and indirect jobs. In order to estimate the direct jobs, the diagonal vector was extracted from the employment requirements matrix [ E ]. This vector was multiplied by the trade vector to estimate direct trade-related jobs e.

Indirect jobs just equal total jobs less direct e. Combining macroeconomic and IO jobs analyses. The IO jobs estimates in vectors [ J ] and [ J PCE ] are converted into share vectors, representing the share of total jobs supported in each of industries by reductions in trade deficits and related respending in the domestic economy. The shares in each vector sum to 1. Share vectors are used to allocate jobs gained by industry.

The results yield estimates of jobs gained or lost by industry in the total economy as a result of the U. Census Bureau data for and are mapped into 45 unique census industries and eight aggregated total and subtotals for a total of 53 sectors. To get state total job displacement, we add up the subsectors in each state. Congressional district shares are calculated thus:. To get total job displacement by congressional district, we add up the subsectors in each congressional district in each state.

See Scott for further background on the impacts of trade on U. The first three requirements had to demonstrate persistence e. But the size of its current account surplus, and its likely role as a low-wage export platform in the TPP, suggest that its currency is, and may continue to be, undervalued due to manipulation. China continues to accumulate massive reserves in its SWFs.

Based on these data and recent changes in prices, relative productivity growth rates, and trade balances, we believe that the RMB is still substantially undervalued. The Economic Policy Institute and other research entities have examined the job impacts of trade in recent years by netting the job opportunities lost to imports against those gained through exports. This report follows that approach, using standard input-output models and data to estimate the jobs displaced by trade.

Department of Commerce recently published estimates of the jobs supported by U. This classification is not used by the Census or in the North American Industrial Classification System NAICS, see Census: Within the NAICS system, manufacturing consists of the two-digit industries in the ranges of 31, 32, and Those sectors we refer to as industrial supplies are all NAICS industries in the 32 classification.

Most of these industries are classified as nondurable goods in other classifications of industrial output. However, they are qualitatively different from other nondurable goods such as textiles and apparel, so we treat them separately here. See, for example, Scott a. Foreign exports have become an especially large proportion of U. If this more narrowly defined trade deficit had been used, the GDP and jobs lost due to TPP trade would have been proportionately larger. However, this measure would likely include some imports that were reexported to other TPP countries, and thus would have overstated the actual deficit with the TPP.

Until we can precisely identify the source of foreign exports by country and industry or product code we will be unable to more accurately estimate net domestic trade flows with the TPP or other trade partners. The model includes NAICS industries.

The trade data include only goods trade. Goods trade data are available for 85 commodity-based industries, plus software, waste and scrap, used or secondhand merchandise, and goods traded under special classification provisions e.

Trade in scrap, used, and secondhand goods has no impact on employment in the BLS model. Some special classification provision goods are assigned to miscellaneous manufacturing. The respending analysis does include some impacts on employment in wholesale and retail trade, and in advertising. Thus, the net jobs analysis presented in Table 4 which includes all direct, indirect, and respending jobs supported or displaced by the trade deficit does include some net jobs displaced in these industries.

The Census Bureau uses its own table of definitions of industries. These are similar to NAICS-based industry definitions, but at a somewhat higher level of aggregation.

For this study, we developed a crosswalk from NAICS to Census industries, and used population estimates from the ACS for each cell in this matrix. The Role of Trade and Electronic Offshoring. Bayoumi, Tamim, Joseph Gagnon, and Christian Saborowski BGS. Official Flows, Capital Mobility and Global Imbalances.

Peterson Institute for International Economics, Working Paper WP Fred, and Joseph E. Currency Manipulation, the US Economy, and the Global Economic Order. Peterson Institute for International Economics, Policy Brief Using Standard Models to Benchmark the Costs of Globalization for American Workers without a College Degree.

Economic Policy Institute, Briefing Paper The Short- and Long-Term Impact of Infrastructure Investments on Employment and Economic Activity in the U. The Trans-Pacific Partnership is Unlikely to be a Good Deal for American Workers. Bronfenbrenner, Kate, and Stephanie Luce. The Changing Nature of Corporate Global Restructuring: The Impact of Production Shifts on Jobs in the U. Commissioned research paper for the U.

Trade Deficit Review Commission. Bureau of Labor Statistics BLS. Bureau of Labor Statistics, Employment Projections program BLS—EP. Capaldo, Jeronim, Alex Izurieta, and Jomo Kwame Sundaram. Unemployment, Inequality and Other Risks of the Trans-Pacific Partnership Agreement. GDAE, Tufts University, Congress of the United States. Gagnon, Joseph, and Gary Hufbauer.

How to Increase U. Employment Without Launching a Trade War. The Elephant Hiding in the Room: Currency Intervention and Trade Balances. Peterson Institute for International Economics, Working Paper Jobs Gained and Lost Through Trade: International Monetary Fund IMF.

Broadway Currency Exchange in Gary, Indiana - () - iBegin

Database and Browser CD ROM. Johnson, Martin, and Chris Rasmussen. Current Debates over Exchange Rates: Overview and Issues for Congress. Congressional Research Service Report R Trading away the Manufacturing Advantage: China Trade Drives Down U. Wages and Benefits and Eliminates Good Jobs for U.

Trans-Pacific Partnership, currency manipulation, trade, and jobs: U.S. trade deficit with the TPP countries cost 2 million jobs in , with job losses in every state | Economic Policy Institute

China Trade, Outsourcing and Jobs: Trade Deficit with China Cost 3. Stop Currency Manipulation and Create Millions of Jobs: With Gains across States and Congressional Districts. Currency Manipulation and theU. Jobs Lost Due to the U. Economic Policy Institute, Briefing Paper No. Currency Manipulation, Trade, Wages, and Job Los s. Secular Stagnation, Hysteresis, and the Zero Lower Bound. Letter to Secretary Lew and Ambassador Froman. International Trade Commission USITC. Rank is by jobs eliminated as a share of state employment.

Subcategory and overall totals may vary slightly due to rounding. Rank is by jobs eliminated as a share of district employment.

See related work on Trade deficit Trade and Globalization Currency policies Jobs and Unemployment Trade Trans-Pacific Partnership. See more work by Robert E. Scott and Elizabeth Glass. See related work on Trade deficitTrade and GlobalizationCurrency policiesJobs and UnemploymentTradeand Trans-Pacific Partnership.

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Please use a modern browser such as Chrome or Firefox to view the map. Click here to download Google Chrome. Click here to download Firefox. Click here to view a limited version of the map. Chart Data Download data The data below can be saved or copied directly into Excel. The data underlying the figure. Rank by share of employment displaced State District Net jobs displaced District employment in Jobs displaced as a share of district employment Alabama 1 2,0.

Industry Total Share of total jobs eliminated Agriculture, forestry, fishing, and hunting2. Rank State Net jobs eliminated State employment in Jobs eliminated as share of state employment 1 Michigan4, 5. Rank State Net jobs eliminated State employment in Jobs eliminated as share of state employment 1 California16, 1.

Rank State Net jobs eliminated State employment in Jobs eliminated as share of state employment 5 Alabama 46, 1, 2. Rank State District Net jobs eliminated District employment in Jobs eliminated as a share of district employment 1 Michigan 11 26,7. Rank State State District Net jobs eliminated District employment in Jobs eliminated as a share of district employment 1 Michigan 11 26,7. Rank State State District Net jobs eliminated District employment in Jobs eliminated as a share of district employment Alabama 1 2,0.

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